As insurance, an assistance company or a government organization, you probably have to settle claims from all over the world in different currencies. But are you aware of how pricey it could be to pay these invoices through your bank?
After having specified the amount and the currency you want the recipient to receive, your bank will usually mention the fee they charge (usually from 10$ to +100$ depending on the amount transferred and the institution) and the full costs in your local currency. However, sending the money to another country in a different currency means that an exchange rate will be set. The problem is that this rate is typically 4 to 8% poorer than the mid-range market rate, the one you can easily find on Google.
Consequently, if you have to pay a 1000.00$ USD invoice using your Euro account, it will likely end up costing you +/- 965€ (considering a 20 euros wire fee and a 4% commission over the mid-range market price). As per the real exchange rate found on September 4th 2019, you would have paid about 56€ more than the real €/$ value that day!.
Fortunately, we can invoice you in multiple currencies (USD, CAD, Euro, GBP, AUD, NZD at this time), which allows you to pay your international provider through us or our services for a much better deal. Going back to the previous example, paying 1000.00$ USD through us using your Euro account would have only cost you as low 9€ more than the real value. In brief, on this example, we would have saved you 47€.
This multiple currencies paying option is only available for payments by working capital funds and wire transfer. We do not not make any profit out of it and charge only from 0 to 3% over the mid-range market price depending on the payment option selected.